FidelityConnects: Passing the Torch: The Future of Fidelity Insights Class®

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Hello, and welcome to Fidelity Connects.

 

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I'm Agnes Doherty.

 

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After an extraordinary 40-year career at

 

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Fidelity portfolio manager Will Danoff will retire from

 

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day-to-day portfolio management at the end of 2026.

 

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In Canada Will oversees the Fidelity Insights Class Fund

 

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which has compounded at a rate of 17% annualized,

 

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outperforming the S&P 500 by 2% annualized

 

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since its inception in 2017.

 

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The good news is that Will Danoff will remain at Fidelity

 

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in an advisory capacity, ensuring that his investment

 

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knowledge continues to make an impact on both the

 

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organization and investors.

 

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Our next guests currently co-manage the fund alongside

 

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Mr. Danoff and will continue to hold co-manager positions

 

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following his retirement.

 

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What comes next for Fidelity Insights Class as it begins

 

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this new chapter, and how is the portfolio positioned

 

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today as market conditions evolve?

 

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Joining me now to discuss this and to provide an update on

 

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Fidelity Insights Class are portfolio managers,

 

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Nidhi Gupta and Matthew Drukker.

 

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Hello, Nidhi and Matt.

 

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Welcome to Fidelity Connects.

 

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Hi, happy to be here.

 

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Thank you.

 

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Just a reminder to everyone, today's webcast features live

 

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French audio interpretation and we also have a Q and A

 

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box available so please enter any questions that you do

 

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have. Nidhi and Matt, a really interesting fact

 

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about both of you, you started at Fidelity both as interns

 

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back in 2008.

 

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For many people in the audience today they may not have

 

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heard from you before so I think a really nice place to

 

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start the conversation would be to talk a little bit about

 

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your career so far, your journey at Fidelity.

 

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Nidhi, we'll start off with you.

 

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Thank you for having me and thank you everyone for all

 

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the support over the years.

 

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Matt and I actually started as interns in the summer of

 

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2007, we joined full-time

 

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in 2008 so we've been at Fidelity for

 

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almost 20 years.

 

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In that time I've managed several

 

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different funds since 2013,

 

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including Fidelity Advisor New Insights, which I

 

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began managing with Will in

 

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2020 so it's been almost six years on

 

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that partnership.

 

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Before that I was managing about $15 billion of tech

 

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sector funds for Fidelity.

 

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Before that the Communication Services Sector Fund

 

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with strong performance on all of those

 

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products.

 

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I was also our global technology sector leader

 

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for several years.

 

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During that time I covered as an analyst

 

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a lot of the large tech stocks

 

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including Google, Meta, Amazon, Netflix.

 

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Throughout my years at Fidelity as an analyst

 

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I actually started on our international team so I

 

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covered several different international industries

 

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including stocks within the industrial sector, the consumer

 

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sector. Prior to Fidelity I've covered the

 

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health care sector.

 

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Together Matt and I, I think, have covered the vast

 

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majority of the S&P 500.

 

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I think, most importantly, we've covered a lot of the

 

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biggest stocks in the index, I mentioned some

 

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of them.

 

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That's been hugely valuable because these are the companies

 

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that are growing the fastest and

 

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really setting the tone for a lot of the

 

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secular trends in the market.

 

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I would say the partnership with Will has

 

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been very organic over the years.

 

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I've worked closely with him on all the stocks I've

 

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covered throughout my career at Fidelity and all the funds

 

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that I've managed, especially when I

 

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covered some of these larger tech stocks that

 

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were some of the biggest positions of his

 

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portfolio that was when we developed a much closer

 

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relationship and he asked me to join him

 

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on Fidelity Advisor New Insights in 2020.

 

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That's been an incredible partnership and we've had really

 

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strong performance on that fund.

 

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Matt and I look to really continue the

 

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tradition with these additional

 

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assets.

 

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Matt, how about you?

 

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What's your Fidelity journey look like?

 

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I think as Nidhi said one of the things that's

 

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really special about this journey to now co-manage

 

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with her is we grew up as investors together.

 

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We covered a lot of different stocks, we managed select

 

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funds and we had the opportunity

 

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to work more and more closely with Will over time.

 

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I became a diversified co-manager with Will two years

 

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ago, so I joined four years after

 

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Nidhi.

 

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I think Will selected both of us because we're drawn to the

 

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same core philosophy that stocks follow earnings.

 

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We also have the same process that focuses

 

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on staying close to the industries, working

 

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with our very strong team of Fidelity analysts to

 

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find opportunities.

 

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We know how to work with the team because we were both

 

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analysts for the

 

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better part of a decade and a half.

 

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We're spending time together, meeting with companies,

 

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including quarterly callbacks, we're continuously

 

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seeking to identify stocks where

 

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growth is underappreciated by the market either

 

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in magnitude or durability.

 

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I think with two of us as co-PMs we can cover even

 

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more ground.

 

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Growing up as investors at Fidelity

 

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we've been through a number of very different market

 

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environments. Early in our careers we were actually interns

 

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in 2007 before the financial crisis so we

 

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started in our seats as that GFC

 

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unfolded. That was a formative experience.

 

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At the time I covered consumer discretionary companies

 

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and I remember Will reminding me,

 

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Matt, restaurants can be the canary in the coal mine for

 

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consumer sentiment.

 

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Consumers are two-thirds of the economy.

 

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When they start to feel less bad you might see it

 

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first in a splurge for better coffee in the morning.

 

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We started tracking

 

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store level activity at Starbucks very closely

 

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and sure enough, when same store sales

 

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stopped getting bad in March 2009 that

 

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turned out to be one of the earliest signs that cycle

 

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had bottomed. That early experience really

 

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reinforced how closely studying businesses

 

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can give you an investment edge.

 

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Of course, the real highlight was going with Will to

 

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meet Howard Schultz and dig into Starbucks' plan

 

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to sustain growth even after the stock had more

 

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than doubled from the lows.

 

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Will always says, just because a stock has doubled doesn't

 

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mean you've missed it. We didn't miss that one.

 

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As Nidhi said, over the next decade I went on to cover

 

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other sectors in communication services.

 

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Tech and communication

 

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services are now about half the market.

 

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Over the time covering tech we've seen these large digital

 

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platforms has really given us

 

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a front row seat to several major technological transitions

 

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from the rise of the internet, the mobile internet,

 

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cloud, the evolution of digital advertising and

 

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video streaming. Mow we're in this next

 

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phase as generative AI begins to

 

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reshape many industries and drive a

 

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big part of the economy.

 

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We feel well prepared for that.

 

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Just throughout all of these environments and

 

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investment trends the constant has been working closely

 

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with Will. His approach has always been bottom-up

 

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fundamental research and a simple idea

 

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that over the long run stocks follow earnings.

 

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That philosophy has guided the fund for decades and

 

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it will continue to even when Will steps down

 

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from his active PM role to become an

 

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advisor at year end.

 

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There's no doubt that Will Donoff has been one of the most

 

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successful franchises here at Fidelity.

 

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It's so incredible, you two are the

 

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stars that have been chosen to take over

 

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the reins. It's so interesting listening to you speak

 

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because I'm hearing things like you grew up together in

 

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Fidelity working alongside Will and his

 

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team. It sounds like there's such an inherent, strong team

 

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approach to everything and Will has really sort of

 

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institutionalized his way of thinking.

 

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Nidhi, if I could pass the next question to you, I'd love

 

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to just hear a little bit more about your experience

 

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working with Will Danoff and what are the sort of

 

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key elements of his process that you're going to continue

 

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to carry through in the Insights Fund today.

 

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Matt mentioned one of them, which is stocks follow

 

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earnings.

 

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That means we're doing bottoms-up research, we're working

 

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really closely with the research department which covers

 

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over 2,000 stocks globally.

 

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As Matt mentioned, we've been in the trenches with the

 

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research department so we have close relationships there.

 

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Will's other philosophy is keep turning over rocks,

 

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keep looking for ideas, keep learning from companies.

 

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For Matt and I, we sit right next to Will, Will

 

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sits right there, Matt sits on the other side of him, just

 

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this mantra

 

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of keep turning over rocks, that's kind of the air

 

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Matt and I breathe every day, and we have been for

 

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almost 20 years.

 

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We spend a lot of time meeting companies.

 

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In our offices we're usually

 

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packed with a schedule of

 

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back-to-back meetings with CEOs and CFOs on a daily

 

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basis in our offices.

 

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We're very frequently travelling to meet companies

 

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at their offices.

 

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Matt and I are actually going to go to California with Will

 

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next week.

 

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We're going to meet with Jensen at the Nvidia GTC

 

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conference in San Jose.

 

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We're having dinner with OpenAI.

 

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We were out in California in December.

 

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We had an amazing lineup.

 

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These are industry leaders, they're pioneers in

 

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the industry and we're getting a front

 

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row to these

 

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executives and founders and what they're

 

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trying to build, and that's extremely valuable.

 

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I mean, at the end of the day, this is a people business,

 

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you're all trusting us as fund managers

 

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and we're, in turn, trusting these founders

 

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and CEOs to build these

 

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businesses.

 

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I think that trust takes time to build

 

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and it's something Matt and I have worked hard at over

 

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our nearly 20 years at Fidelity.

 

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I can share a few examples but this

 

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trust is really what ultimately helps us

 

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sort of filter through the noise in the market and

 

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really figure out who the winners and losers

 

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will be in a particular industry, as

 

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opposed to getting caught up in the

 

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quarterly earnings reports or the daily

 

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kind of volatility of geopolitical risk

 

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and whatnot.

 

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Google, it was deemed an AI loser

 

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in 2023 and 2024.

 

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We've known the company

 

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since the IPO, we

 

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had a lot of conviction that they have the best AI

 

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technology and the best management team to get

 

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it done. The stock has doubled

 

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since then. Netflix, the stock

 

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got under $20 in 2022, the

 

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market sentiment was awful.

 

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We went out to meet with the management team in summer

 

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of 2022. We were able to

 

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get a really good read on some of the initiatives that they

 

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were launching. That's a management

 

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team that we've known for a really long time.

 

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We bought more, the stock is 5X

 

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since then. It just goes

 

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to show that as long as we maintain these

 

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relationships and continue to build them I think

 

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we will continue to have an edge on

 

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filtering through the noise in the market and betting with

 

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the management teams.

 

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I think that's really

 

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the secret sauce of Will's performance.

 

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I think it's a tradition that Matt and I have

 

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grown up in and will be continuing.

 

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That sounds like an epic trip to California that you have

 

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planned. Some of the names you mentioned there, it's really

 

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incredible that you have direct line of access to them and

 

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such a great advantage of Will Danoff and his

 

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brand but also the bigger and larger Fidelity engine.

 

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Matt, I wanted to talk to you a little bit about private companies.

 

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Nidhi, you just mentioned a couple of private companies

 

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you'll be meeting with in California.

 

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We can see that SpaceX is in the top 10.

 

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Matt, maybe talk us through the process around privates

 

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and how they've been able to add alpha to the portfolio

 

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as well.

 

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Privates can be up to 5% of the portfolio.

 

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The

 

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private investments are really

 

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good. They need to be a good investment in their own right

 

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but they're also a great source of information

 

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for us.

 

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Now because companies are staying private longer

 

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they're now at record high in terms of percentage

 

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of the market, close to 10% of the market.

 

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Having access to the privates is a differentiator

 

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versus passive investing.

 

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One of the things that's interesting about SpaceX is that

 

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we were able to invest in the company really

 

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early through Fidelity's private investing

 

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platform.

 

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That was when the business was still sort of a

 

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to-be-proven launch provider.

 

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We underwrote the opportunity on the

 

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ability for them to achieve reusable rockets alone,

 

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but over that time the company's evolved

 

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dramatically as it expanded into satellite communications

 

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with Starlink which is a key driver

 

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of cash flow. Our position in SpaceX

 

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has grown the best way possible really

 

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mostly through the success of the business so it's

 

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grown into a bigger position.

 

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Our original investment basis was under 10 billion

 

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valuation, I think, Nidhi.

 

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As the company's continued to execute

 

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the value has compounded and is rumoured to IPO at

 

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a valuation of over 1.5 trillion.

 

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They can't all be 150 baggers but...

 

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You'll do your best.

 

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I think what's fascinating about

 

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SpaceX seeing the company up close

 

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and getting the insight into how remarkable

 

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Elon is at solving problems.

 

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I remember Nidhi and I and Will visited

 

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the Falcon rocket engine in L.A.,

 

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one thing that really stood out was this manufacturing

 

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philosophy.

 

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Traditional aerospace companies often

 

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design a single very large complex engine and

 

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SpaceX instead was building many smaller engines

 

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with a standardized design and then combining

 

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them to generate more thrust.

 

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That enabled them to manufacture

 

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at scale faster, improve reliability

 

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and then iterate off those units.

 

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This idea that

 

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Elon was pursuing was a vertical integration.

 

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If a component in the supply chain wasn't available from a

 

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supplier they were literally producing parts right

 

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there on the assembly line, sometimes with 3D printers.

 

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We saw something similar when Starlink satellite

 

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was still in the early phases.

 

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We went to the manufacturing facility, we

 

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do these third-party expert calls and everyone

 

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else outside of SpaceX and all the experts were telling

 

[00:16:55.800]

us that satellite interlinks with lasers

 

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to connect the satellites wouldn't be solvable because

 

[00:17:02.400]

in low earth orbit the lens wouldn't burn up

 

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on reentry and you simply just can't have thousands

 

[00:17:08.400]

of objects raining down on earth.

 

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With this concern in mind we

 

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go to the factory, the engineer's

 

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giving us the tour and showing us how they solve

 

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this unsolvable problem by inventing a new solution

 

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using aluminum lens instead of the

 

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hardened glass.

 

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That ability for the network to then be a mesh system

 

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where data can hop around space enabled them to win

 

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government contracts and now play a bigger role in

 

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direct to cell phones.

 

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It's these experiences in meeting with the management

 

[00:17:42.720]

teams, Will always says the passive

 

[00:17:45.720]

indexes aren't meeting with the management teams,

 

[00:17:49.080]

they're not touring factory floors, and they're

 

[00:17:52.120]

not even asking questions let alone the right questions.

 

[00:17:59.280]

It's that engineering culture and pace of innovation

 

[00:18:02.520]

at Starlink that has really driven their success.

 

[00:18:05.720]

It's early, there's other engineering problems

 

[00:18:08.960]

to be solved but we might be talking about space data

 

[00:18:11.960]

centres next.

 

[00:18:13.840]

Truly incredible, 150 bagger.

 

[00:18:16.160]

Go ahead, Nidhi.

 

[00:18:18.680]

I was just going to add, Will not only

 

[00:18:21.640]

says to turn over rocks but he always says show

 

[00:18:24.640]

up to a meeting, ask a good question.

 

[00:18:26.920]

To Matt's point, the passive funds are not building

 

[00:18:31.120]

relationships with these companies, they're not walking the

 

[00:18:33.520]

factory floor.

 

[00:18:35.280]

I think because we've built some of these relationships

 

[00:18:38.160]

over the years, management teams really appreciate the long

 

[00:18:41.160]

term strategic questions that we ask

 

[00:18:44.160]

which makes them, in turn, more available to

 

[00:18:47.160]

us, and I think more honest with us about the risks and

 

[00:18:50.320]

opportunities which then helps us have a

 

[00:18:53.280]

more informed view on the investment thesis.

 

[00:18:56.640]

Netflix, for example, I covered the stock

 

[00:18:59.640]

from 2012 when they just

 

[00:19:02.640]

had gotten into streaming and no one really believed in

 

[00:19:05.320]

them through 2020.

 

[00:19:08.280]

Matt covered it after that but by that point

 

[00:19:11.280]

they had over 200 million global

 

[00:19:14.240]

subscribers.

 

[00:19:16.640]

That journey was the one on which I was able to

 

[00:19:19.600]

build a relationship with them because Fidelity sort

 

[00:19:22.720]

of believed in what they were trying to achieve.

 

[00:19:27.400]

I had a chance to speak at three of their executive

 

[00:19:30.920]

off-sites where they had 900+ plus of their

 

[00:19:34.080]

top employees present.

 

[00:19:36.560]

I hosted four of their

 

[00:19:40.080]

quarterly public earnings calls in 2021.

 

[00:19:44.680]

This is a relationship that they

 

[00:19:47.840]

really value as well so when we

 

[00:19:50.840]

go out there or we're trying to figure out

 

[00:19:54.120]

what their next move is they're available

 

[00:19:57.520]

to us.

 

[00:19:59.120]

It's sort of this two-way street.

 

[00:20:02.160]

I think it's it's always been a really great

 

[00:20:05.760]

partnership for Fidelity with these management

 

[00:20:09.040]

teams built over many years across multiple analysts.

 

[00:20:13.200]

You make a good point, Nidhi. It's not just the quantity

 

[00:20:16.400]

of meetings it's the quality of meetings.

 

[00:20:19.280]

I'm thinking about how simple sometimes

 

[00:20:22.960]

the questions even need to be.

 

[00:20:25.920]

What are you most excited about as a management

 

[00:20:29.000]

team, getting that what really makes the business

 

[00:20:32.440]

unique.

 

[00:20:34.560]

I'm thinking about this meeting we had,

 

[00:20:38.480]

just as an example of how a typical meeting

 

[00:20:41.440]

might go, a

 

[00:20:44.760]

little over a year ago we met with Casey General Stores,

 

[00:20:48.800]

the ticker is CASY, it's a $25 billion market cap.

 

[00:20:52.720]

Casey's operates gas stations in the Midwest.

 

[00:20:57.840]

Your baseline going into that meeting might be how could

 

[00:21:00.600]

gas stations generate durable alpha?

 

[00:21:04.440]

Early in the meeting Will immediately started

 

[00:21:07.480]

asking about food, their food offerings.

 

[00:21:11.800]

The CEO of the company really lit up.

 

[00:21:14.040]

It turns out Casey's is a top five

 

[00:21:17.080]

seller of pizzas nationwide from only 3,000

 

[00:21:20.400]

locations in the US.

 

[00:21:22.680]

The CEO is explaining one of the secrets is to

 

[00:21:25.840]

make the fresh dough on-site daily.

 

[00:21:28.960]

Moreover, it got right into the heart

 

[00:21:31.960]

of the economic driver of the business which is how having

 

[00:21:35.360]

popular food, other consumables as

 

[00:21:38.640]

well as gas, in one place helps them beat standalone

 

[00:21:41.880]

pizza chains or standalone gas stations because

 

[00:21:45.280]

they have more flexibility on price and they drive better

 

[00:21:48.360]

foot traffic.

 

[00:21:49.760]

Even differentiated models in

 

[00:21:52.920]

competitive industries can profitably win share but

 

[00:21:56.040]

you might not get that insight if you don't

 

[00:21:59.040]

meet with the company, if you don't ask the right question

 

[00:22:02.040]

and have this open mind.

 

[00:22:05.080]

Matt, have you gone and tasted the pizza?

 

[00:22:06.680]

Is it as good as they say it is?

 

[00:22:08.760]

It's pretty good.

 

[00:22:10.720]

I spent some time in New York

 

[00:22:13.680]

so my pizza bar is pretty high.

 

[00:22:15.440]

Pretty high, yeah, I can imagine.

 

[00:22:17.760]

We've got lots of questions coming in from the audience so

 

[00:22:20.240]

I'd love to get to those.

 

[00:22:21.720]

Lots of questions around today's market environment.

 

[00:22:24.560]

Nidhi, let's start with you and talk a little bit about key

 

[00:22:27.560]

themes that are in the portfolio.

 

[00:22:29.320]

Technology is one of them so let's start there and what are

 

[00:22:31.880]

you seeing broadly within the tech space right

 

[00:22:35.000]

now?

 

[00:22:38.160]

Really, the topic of the day is AI.

 

[00:22:44.000]

It's sort of a newish topic for the market but for

 

[00:22:47.160]

us it's a topic that we've been focused on for

 

[00:22:51.240]

well over a decade.

 

[00:22:54.400]

We've been investors in Nvidia for

 

[00:22:57.880]

over a decade.

 

[00:22:59.440]

I remember going out to

 

[00:23:02.480]

California to meet with Jensen in,

 

[00:23:05.680]

I think it was 2011 or something,

 

[00:23:08.960]

when he was talking about AI.

 

[00:23:11.920]

Matt and I have both covered Google

 

[00:23:15.240]

over the years and they've been at

 

[00:23:18.600]

the forefront of AI.

 

[00:23:20.240]

It was more focused on machine learning and recommender

 

[00:23:23.440]

systems in the past and it's moved to large language

 

[00:23:26.480]

models more recently and even more recently

 

[00:23:29.560]

we're talking about agents.

 

[00:23:32.160]

I think this has the potential to alter

 

[00:23:36.040]

almost every industry so that's something

 

[00:23:39.080]

that Matt and I are spending a lot of time on.

 

[00:23:42.240]

The infrastructure buildout for AI is

 

[00:23:45.320]

spanning across not just

 

[00:23:48.560]

the tech value chains like semiconductors

 

[00:23:51.800]

and networking and compute

 

[00:23:55.160]

but it's also found its way into the industrial

 

[00:23:58.560]

sector with companies that are providing power,

 

[00:24:02.080]

companies that are providing labour, electrical

 

[00:24:06.520]

equipment. It's really kind

 

[00:24:09.520]

of found its way into other

 

[00:24:12.520]

parts of the market.

 

[00:24:14.320]

Now as we're looking towards the application

 

[00:24:17.440]

development phase of AI

 

[00:24:20.720]

we're really trying to think about what are the industries

 

[00:24:23.960]

and companies that will win and

 

[00:24:27.080]

lose with AI.

 

[00:24:30.400]

There will be companies that will

 

[00:24:34.600]

have larger addressable markets, they will have stickier

 

[00:24:37.360]

products, they will have higher margins, and then

 

[00:24:40.480]

there's companies that will face more competitive

 

[00:24:43.520]

intensity, have lower margins because they have to

 

[00:24:46.680]

pay an intelligence task tax to the

 

[00:24:49.920]

large language model providers.

 

[00:24:52.760]

We're in the early phases of trying to sift

 

[00:24:55.720]

through all of this and figure out what

 

[00:24:58.840]

are the spots that we really want to play in.

 

[00:25:02.160]

Matt, we've recently seen more broadening of the market

 

[00:25:05.440]

of late, can you talk us through how you're

 

[00:25:08.440]

seeing things there and any other opportunities

 

[00:25:11.600]

outside of the technology space that have piqued your

 

[00:25:13.840]

interest.

 

[00:25:16.800]

Like Nidhi said, I think a lot of the AI

 

[00:25:20.000]

focus and returns has been on infrastructure and the

 

[00:25:23.080]

bottlenecks around standing up this seemingly insatiable

 

[00:25:26.720]

demand for compute.

 

[00:25:29.120]

That CapEx has reached 2.5% of US GDP.

 

[00:25:34.280]

You see a lot of action in semiconductors, memory in that

 

[00:25:37.400]

supply chain. Well, why is this happening?

 

[00:25:40.240]

Compute is becoming intelligence and

 

[00:25:43.480]

with agents compute can use tools or complete tasks.

 

[00:25:47.160]

I think, just like Nidhi, I think where the puck is going

 

[00:25:50.160]

is where can the application of

 

[00:25:53.480]

the intelligence for business processes, where can

 

[00:25:56.480]

that improve customer value proposition?

 

[00:25:58.600]

This is a big theme.

 

[00:26:00.560]

We've seen this in surprising places like transport

 

[00:26:03.560]

logistics and insurance underwriting.

 

[00:26:05.600]

We're asking every management team how they're

 

[00:26:08.760]

going to transform their business and trying

 

[00:26:11.760]

to discern where it can't be competed away,

 

[00:26:15.120]

those advantages.

 

[00:26:17.280]

The most important driver is always going to be earnings

 

[00:26:19.640]

growth.

 

[00:26:20.640]

I think independent of AI

 

[00:26:23.880]

aerospace aftermarket is a theme we

 

[00:26:26.840]

have exposure to, small-cap defence with

 

[00:26:31.560]

defence budgets going up but also

 

[00:26:35.040]

how the role of technology and warfare

 

[00:26:38.080]

is evolving.

 

[00:26:39.520]

There's some really interesting startups there.

 

[00:26:43.360]

Electrician labour contractors are

 

[00:26:46.720]

in very high demand because of more power

 

[00:26:49.960]

infrastructure that's needed.

 

[00:26:52.960]

We meet with companies that do automation for warehouses to

 

[00:26:56.120]

support e-commerce,

 

[00:26:59.360]

spectrum capacity for space-based broadband

 

[00:27:02.640]

has been a trend.

 

[00:27:05.800]

There are demand trends out there and we own

 

[00:27:08.760]

many of them.

 

[00:27:10.280]

I think one of the key ones, though, is going to be

 

[00:27:13.400]

how this intelligence layer gets implemented

 

[00:27:16.520]

and where's the enduring

 

[00:27:19.560]

differentiation there through customer value

 

[00:27:22.760]

improvements.

 

[00:27:24.400]

Okay, well, in the interest of time we will leave it there

 

[00:27:26.800]

but it's been wonderful speaking with both of you today and

 

[00:27:30.000]

hearing the stories of your journey so far

 

[00:27:33.080]

at Fidelity, all the incredible lessons that

 

[00:27:36.200]

you've learned over the years from Will Danoff, and

 

[00:27:39.640]

that you continue to have great access to company

 

[00:27:42.800]

CEOs. Will has taught you such incredible

 

[00:27:45.880]

work ethic. We hope to see you in Canada in the

 

[00:27:48.920]

near future but thank you so much for the conversation

 

[00:27:51.840]

today.

 

[00:27:53.720]

Thank you, everyone.

 

[00:27:56.560]

<b>Thanks for watching or listening to the Fidelity Connects</b>

 

[00:28:00.480]

<b>podcast. Now if you haven't done so already, please subscribe to Fidelity</b>

 

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<b>We'll end today's show with a short disclaimer.</b>

 

[00:28:33.440]

<b>The views and opinions expressed on this podcast are those of the participants,</b>

 

[00:28:37.280]

<b>and do not necessarily reflect those of Fidelity Investments Canada ULC or</b>

 

[00:28:41.200]

<b>its affiliates. This podcast is for informational purposes only, and should not</b>

 

[00:28:45.200]

<b>be construed as investment, tax, or legal advice.</b>

 

[00:28:47.760]

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[00:28:50.080]

<b>Or an endorsement, recommendation, or sponsorship of any entity or securities</b>

 

[00:28:54.400]

<b>cited. Read a fund's prospectus before investing, funds are not guaranteed.</b>

 

[00:28:59.200]

<b>Their values change frequently, and past performance may not be repeated.</b>

 

[00:29:02.760]

<b>Fees, expenses, and commissions are all associated</b>

 

[00:29:05.200]

<b>with fund investments.</b>

 

[00:29:07.360]

<b>Thanks again. We'll see you next time.</b>